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| Author: | Smit, H.T.J. Trigeorgis, L. |
| Title: | Strategic planning: valuing and managing portfolios of real options |
| Journal: | R & D Management
2006 : SEP, VOL. 36:4, p. 403-419 |
| Index terms: | finance decision making strategic planning companies portfolio management valuation options |
| Language: | eng |
| Abstract: | In this article, a value-based strategic (hereafter as: str.) planning (as: s-plg.) framework (here as: f-w.) for valuing and managing (as: m-g.) portfolios (as: p-fs.) of corporate real options (as: cr-opts.) is presented. The f-w. combines insights from str. management theory with new quantitative valuation (as: val.) tools of finance. S-plg. is seen as a process of actively m-g. and developing p-fs. of cr-opts. in the context of competitive interactions. The resulting expanded val. f-w. can capture the value of the adaptive resources and capabilities enabling a firm to adapt and re-deploy assets, develop and exploit synergies, and gain competitive advantage through time-to-market and first- or second-mover advantages. |
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